Blackstone Shares Remain Undervalued

Sterne, Agee raised the target price on the asset manager to $21 from $20.

Blackstone Group reported a strong quarter with substantial realized performance fees that highlight the cash earnings power of the business model. Despite the rally in the shares, we continue to view Blackstone as undervalued given the secular tailwinds for alternatives providers, Blackstone's positioning in the industry, the emerging cash earnings...